“During Q3 2024, the CONSOL team achieved robust financial and operational results, despite a longwall move at the PAMC and an annual planned maintenance shutdown,” said Jimmy Brock, chairman and CEO of CONSOL Energy. “With CMT rebounding from the impact of the Francis Scott Key Bridge collapse, the PAMC team delivered a strong production quarter in Q3 2024.
“On the safety front, the Bailey and Itmann prep plants each had ZERO employee recordable incidents in Q3 2024, and our year-to-date employee total recordable incident rate across our coal mining segment remained well below the national average for underground bituminous coal mines,” Brock said.
CONSOL Energy sold 6.8 million tons of PAMC coal during Q3 2024, generating $439.7 million at an average coal revenue per ton sold of $64.28. This compares to 6.1 million tons sold, generating coal revenue of $431.1 million and an average coal revenue per ton sold of $70.34 in the year-ago period. The coal revenue improvement was driven by a significant increase in production tons compared to the prior year period despite the decline in sales price.
“During Q3 2024, we produced 7.2 million tons at the PAMC, which was a third quarter record for the complex, and it was equally impressive considering that we had a planned longwall move and summer maintenance shutdown during the quarter,” Brock said.
During Q3 2024, the Itmann Mining Complex (IMC) sold 152,000 tons of Itmann and third-party coal, compared to 164,000 tons in Q2 2024. “The impairment was due to lingering supply chain issues and adverse geological conditions which limited our production,” Brock said. “On the supply chain front, we continue to deal with abnormally long lead times on both new and rebuilt section equipment. During Q3 2024, the Itmann mine continued to operate two of its three continuous miner sections as super sections while we wait on multiple continuous miner deliveries.
“Despite being limited in the number of sections we could run, long-term mains development progressed in Q3 2024, and toward the end of the quarter, the Itmann mine began retreat mining, which we expect will improve both our efficiency and productivity,” Brock said.
The Mine Safety and Health Administration (MSHA) has approved a deep cut plan for the 1 North section of the mine, and CONSOL Energy is working with MSHA to obtain approval for another mining section, which will improve the overall efficiency of the mine. Multiple continuous miners are expected to be delivered before year-end 2024, which should improve Itmann’s production capacity.
